RBS Mis-selling Business Loans
We possess an excellent track record of acting for RBS (Royal Bank of Scotland) bank customers in recovering compensation in many legal issues from contract disputes to financial mis-selling of insurance products and services. For further information on these business swap loans please contact us for fee intitial advice, further reading visit business interest rate swap loan mis-selling.
RBS Business Loan Mis-Selling (Interest rate swap loans)
If you have taken out a RBS business loan and was advised to take out a product along side the business loan that was suppose to protect you against the rise of bank loan interest rates, you may have a claim for business loan mis-selling. The type of RBS business interest rate loan mis-selling are listed below, taken from the FSA web site:
- swaps– which enables the customer to ‘fix’ their interest rate
- caps– places a cap on any interest rate rise
- collars– enables the customer to cap interest rate rises by limiting rate fluctuations to within a simple range
- structured collars– enables the customer to cap interest rate rises by limiting rate fluctuations to within a range (with a lower ceiling than a simple collar) but involves more complex arrangements if base rate falls below floor limit.
The FSA(The Financial Services Authority)has looked into the mis-selling of RBS business interest rate swaps and considered that there may be a claim for compensation. The FSA has provided a review of the interest rate swap loans sold to small to medium size businesses (SMEs) by the four largest banks in the UK.
After a review of the mis-selling of RBS business loans or swap loans, the FSA found that when properly sold, in the right circumstances to the right customers, these products can protect customers against the risk of interest rate changes. However, when sold to ‘non-sophisticated’ customers, likely to be smaller business which wouldn’t necessarily have specific expertise and understanding in this area, some products may not have been appropriate for their needs.
If you are a small to medium size business that has been sold a RBS business loan with a swap interest rate product pleasecontact usto see if you have a claim for RBS mis-sold interest rate swap compensation.
RBSMis-selling Business Loans in the News
Banks have become ‘detached from society’ and need to change their culture, the boss of the Royal Bank of Scotland admitted yesterday. Stephen Hester said the industry has been ‘brought down to earth with a bump’ after recent financial scandals.He was speaking as the RBS reported a half-year loss of £1.5billion.
dailymail.co.uk
** N.B.RBS – Mis-sold Business Loans News Round up from the web. Please note that we accept no responsibility for any third party web site. News round up courtesy of Google. **
If you are a small to medium, size business that has been mis-sold a business loan with a swap interest rate product please do not hesitate to CONTACT US to see if you have a claim for compensation.
Further Reading
